New Zealand Experience the New Era of Biometric Banking

One of the primary trends of the modern technological and industrial world is the shift to a more customer-centric approach regardless of the field or niche you operate in. And in order to make sure that your customers are satisfied with your service, you must ensure that it is fast paced and as convenient as possible for them. The purpose of modern technology is to induce speed in processes that traditionally hog up a lot of staff and customer time as well as simplify the processes for the customer by capitalizing on the finer details.

Biometric verification is one such technology that is being applied across a multitude of fields and industries to great reviews and results.

BIOMETRICS IN BANKING

With ASB having announced their version of a biometric ID verifying the mobile application for six of their bank branches in South Auckland last year, we are finally seeing and experiencing the integration of biometric technology in New Zealand Banking.

Believe it or not, many people delay or refuse to open a bank account just because of the process that precedes the result, what with the person having to dig out a bundle of verifying documentation and filling out numerous forms after having to travel to the nearest branch of their desired bank. And in a world where you can clean your house, order the groceries, and pay your bills without having to get up from the plush cushions of your couch, it may just be too much to ask for. Not only that, but there are growing concerns about cybercriminals and fraudsters exploiting vulnerabilities in the banking security systems of banking institutions, a factor that also makes people wary and tends to drive them away. Read more...

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Biometric Authentication to Stop Money Laundering in Pakistan

Recently The State Bank of Pakistan has mandated all of its banks to start verifying all of their account holders using biometric technology. The goal of this exercise is to stop money laundering in Pakistan. In the past; opening a bank account only requires the account holder’s details in printed/written form along with their id cards. However, after this current announcement, to open a bank account in Pakistan, one has to provide biometric data using an e-registration system. This procedure is also applicable for those who have registered before without biometric verification process. Many private banks throughout the globe have already deployed biometric identification solution to reduce fraud at their banks. Biometric technology help banks to know their customers better and revolutionize their KYC process. After implementing the biometric solution from M2SYS for customer identification in the microcredit loan process, this helped Grupo Monge (Costa Rican Capital Corpor...

Iris Recognition vs. Retina Scanning – What are the Differences?

In biometrics, iris and retinal scanning are known as “ocular-based” identification technologies, meaning they rely on unique physiological characteristics of the eye to identify an individual. Even though they both share part of the eye for identification purposes, these biometric modalities are quite different in how they work. Let’s take a closer look at both and then explain the similarities and differences in detail: Retinal Scanning: The human retina is a thin tissue composed of neural cells that are located in the posterior portion of the eye. Because of the complex structure of the capillaries that supply the retina with blood, each person’s retina is unique. The network of blood vessels in the retina is so complex that even identical twins do not share a similar pattern. Although retinal patterns may be altered in cases of diabetes, glaucoma or retinal degenerative disorders, the retina typically remains unchanged from birth until death. (Source: Wikipedia) ...

Enterprises to Adopt Biometric Middleware Solutions in Next 10 Years

According to a recent report by FactMR, the biometric middleware solution market is likely to see more demand in the coming years. This kind of solution facilitates enterprises to rapidly deploy biometrics solutions without any development hassles within a very affordable budget and the demand is rising dramatically. What is Biometric Middleware? Biometric middleware is a ready software solution that facilitates biometric identification (1:N) or authentication (1:1) functions for desktop or web applications with the help of a biometric scanner and a biometric matching engine. When using biometric middleware, it’s just a matter of hours to deploy a full-fledged biometric system. Some middleware solutions, like Hybrid Biometric Platform by M2SYS, even comes with support for multiple biometric modalities like the fingerprint, finger vein, iris, and facial recognition. Market Scenario Research conducted by Fact.MR disclosed their report on the market size of biometric middlewa...

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